IDFC FIRST Bank has announced changes to its credit card terms, effective February 20, 2025. The changes impact various aspects of card usage, including statement dates, payment due dates, fees, interest rates, and lounge access. Key changes include:
* New statement date: Cardholders of FIRST Millennia, FIRST Wealth, and FIRST SWYP Credit Cards will have their statement dates generated on the 20th of every month, with the payment due date remaining unchanged at 15 days after the statement date.
* Education fee payments: Payments made through third-party platforms will incur a 1% fee (minimum ₹249). Cardholders can avoid this fee by making direct payments.
* Fuel fee: A 1% fee will apply to total fuel spends exceeding ₹30,000 in a statement cycle, with a minimum charge of ₹400 (1%) plus applicable taxes.
* Fuel surcharge waiver: The cap on the waiver for Ashva, Mayura, and FIRST Wealth Credit Cards is now ₹300 per statement cycle.
* Interest rates: The dynamic interest rate range has been updated to 8.5-46.2% per annum (previously 9-43.8% per annum).
* Railway lounge access: Complimentary access is now linked to a minimum monthly spend of ₹20,000 in the previous calendar month.
* Add-on cards: Newly issued add-on cards will attract a joining and annual fee of ₹499 plus taxes, while pre-existing add-on cards will be exempt.
* Card replacement fees: The fee for replacing a lost or damaged card has increased to ₹199 plus taxes.
These changes do not apply to the FIRST Private Credit Card, and all fees, charges, and interest rates are subject to GST at 18% or as per government regulations. The bank continues to use Merchant Category Codes (MCCs) to classify transactions and apply relevant charges.